Protect your loan repayments
- 24TH MAY 2007
A higher percentage of individuals over the age of eighteen have some sort of loan today. In a society where some individuals are heavily in debt and looking to consolidate their debts into on easy monthly payment, it is essential that most of us take out loan payment protection insurance just in case. After all, none of us actually know what will happen to us in the future.
If illness or unemployment strikes then most individuals will be unable to make their loan repayments after a few months because less people have viable assets like savings to draw on. Failing to make repayments can ruin credit ratings and, in the worst case scenario, could even result in bankruptcy. If the loan is in fact a mortgage, you may well have your home repossessed.
The need for payment protection insurance is greater than ever before in today’s debt-ridden society. Mmore individuals are examining the possibility of taking out a standalone payment protection insurance policy because it works out cheaper than purchasing the policy associated with the loan itself, which may actually become subject to interest, thus raising the overall cost of protection.
Standalone providers, like the ethical British Insurance, will actively protect your repayments for up to twelve months should you be off sick for an extended period of time or made redundant, and all for a monthly premium of up to 80% less than an affiliated policy would cost you.
Unfortunately, payment protection insurance is a luxury few of us can afford to be without, so any lower cost policy offering good protection may come in useful.
